Governor Newsom signs 2024 state budget supporting fiscal stability and core programs
The budget addresses a $46.8 billion shortfall through a balanced package of solutions, including spending reductions of $16 billion.
It avoids deep program cuts, maintaining service levels for several priority issues including Proposition 98 funding for education and investments in Medi-Cal expansion, encampment resolution grants, nonprofit security grants, summer food assistance, updated foster care rates and more. Additional details on the 2024 state budget can be found in this fact sheet.
California remains the 5th largest economy in the world and for the first time in years, the state’s population is increasing and tourism spending recently experienced a record high. California is #1 in the nation for new business starts, #1 for access to venture capital funding, and the #1 state for manufacturing, high-tech, and agriculture.
The Governor today announced signing the following bills:
- AB 160 by the Committee on Budget – Medi-Cal managed care organization provider tax.
- AB 2927 by Assemblymember Kevin McCarty (D-Sacramento) – Pupil instruction: high school graduation requirements: personal finance.
- SB 108 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024.
- SB 109 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2023.
- SB 153 by the Committee on Budget and Fiscal Review – Education finance: education omnibus budget trailer bill.
- SB 159 by the Committee on Budget and Fiscal Review – Health.
- SB 164 by the Committee on Budget and Fiscal Review – State government.
- SB 175 by the Committee on Budget and Fiscal Review – Taxation.
- SB 1524 by Senator Bill Dodd (D-Napa) – Consumers Legal Remedies Act: advertisements: restaurant, bar, and other food services.
For full text of today’s bills, visit: http://leginfo.legislature.ca.gov.
